Bitcoin (BTC) dropped below $80,000 and fell as low as $77,082, breaking the critical $82,000 support level from November 2025 that had sustained the rally for months and prompting analysts to declare the bullish technical structure invalid with price targets now pointing toward $60,000.
What Happened: Elliott Wave Structure Collapses
Analyst XForceGlobal shared detailed Elliott Wave analysis on X showing the breakdown represents a fundamental shift in the technical framework. Bulls had completed three of five components in a complex sideways WXY pattern before failing to defend the prior low.
That failure changed everything.
Once Bitcoin broke below $80,000, the primary wave count could no longer hold. The analyst noted that price action from the all-time high above $126,000 in October 2025 should now be treated as corrective rather than part of a healthy continuation.
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Why It Matters: Both Scenarios Target $60K
Two bearish interpretations have emerged from the analysis, and both converge on similar downside levels. The first envisions a flat correction with Bitcoin unfolding a C wave that drags price to $60,000.
The second scenario describes a macro ending diagonal structured as a WXY move to the downside using the October 2025 all-time high as a reference point.
XForceGlobal recommends adopting a shorter-timeframe bearish bias while the larger structure remains compromised. The outlook suggests Bitcoin continues declining to at least $60,000 before any meaningful recovery attempt toward $100,000.